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    FIFA World Cup Forecast To Add $70 Billion To Brazil's Economy

    By Kenneth Rapoza | Forbes – Fri, Jul 8, 2011

    According to Brazil's Ministry of Sports calculations, the FIFA World Cup in 2014 is going to be a cash cow for the country.

    The nation's economy is forecast to grow by at least $70 billion as a result of its hosting the World Cup, the Brazilian Ministry of Sports said July 6 in a statement.  The figure is based on the country’s investments in private and public investment in infrastructure, heightened consumption, increased activity in the services sector and, of course, tax collection.

    The World Cup is expected to generate over $30 billion in direct taxes, $10 billion in additional indirect taxes, and an increase in consumption of Brazilian goods and services by an estimated $3 billion for the period leading up to and during the Cup. Approximately 600,000 tourists are expected to come to Brazil for the games, which could bring in an additional $2.5 billion for the Brazilian travel industry.

    Around three million Brazilian tourists are expected to travel throughout the country as well, potentially generating an additional $3.5 billion for travel and tourism. The figures were announced on July 5 by Ricardo Gomyde, special advisor to Brazil’s Ministry of Sports, during the 2nd Legislative Forum of the Host Cities of the 2014 World Cup. 

    Gomyde said he expects 332,000 permanent jobs and 381,000 temporary jobs to be created through 2014 as a result of World Cup build-out, mainly new hotels, airport and reforms at 18 football stadiums from north to south Brazil.  Total expenditures are seen coming in at $14.6 billion for total infrastructure (at least $1.8 billion for arena reform), and $6.3 billion for the travel and tourism services sector.

    FIFA estimates that Brazil will have to spend at least $5 billion to get ready for the World Cup, though infrastructure build-out is expected to cost much more than that.  During Pan American Games of Rio de Janeiro in 2007, the government estimated costs associated with the games to come in at R$500 million, or $322 million.  Final estimates before the games were R$4 billion, according to Veja magazine in Brazil, one of Brazil's biggest weekly news magazines.

    Veja calculated that World Cup gains have been hyped up no matter what country is hosting. Yet, growth was registered at all host countries except for Japan. The US hosted the World Cup in 1994 and calculated GDP gains of an additional 1.4%.  Four years later, France played host to the Cup and saw its GDP rise by an additional 1.3%. Germany saw a 1.7% increase to its economy when it hosted in 2006, but was far off on its prediction of 100,000 new jobs. FIFA did lead to new jobs, but around 50% less than originally forecast.  South Korea's government said a half a million people from around the world would flock to the country for the 2002 World Cup. Around 300,000 showed up, according to Veja.

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